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Ch 42 Corporate Governance 2 assignment

Corporate Governance

Q 1) In 2002 Wall Street was embroiled in a bear market as crorate greed and excess was blamed for creating a huge stock market bubble that had burst in 2000. Congress responded by enacting The Sarbanes-Oxley Act of 2002. a) How did Sections 302 and 404 address the public's concerns that corporate management be more accountable? b) How about Section 906? 2) In 2010 the economy was mired in a deep economic recession as unemployment was high and capital for new business start ups was scarce. Many blamed government over regulation for the stifling of the economy and demanded government to stimulate economic growth. How did Congressional amendments to Sarbannes Oxley in 2010 help loosen regulations on smaller publicly held companies?

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The corporate responsibility related to different elements of financial reporting had been increased after the enactment of the Section 302 (Clarkson, Miller & Cross, 2016). Therefore, financial reports have to be revised and audited more seriously. Material untrue statements are prohibited to be included in every financial report. Material omission are also prohibited to be included. There must not be misleading financial reports prepared. There must be fair presentation of a company’s financial condition. There must be an enlistment of each and every deficiency which is present in the internal controls.